The Stabilisation of Capitalism
Imperialism, the Colonies and Semi-Colonies
Victors and Vanquished
The Contradictions between the Victor Countries
The Capitalist World and the Soviet Union
The External Position of the U.S.S.R.
The Party's Tasks

The National Economy as a Whole
Industry and Agriculture
Questions Concerning Trade
Classes, Their Activity, Their Correlation
Lenin's Three Slogans on the Peasant Question
Two Dangers and Two Deviations in Regard to the Peasant Question
The Party's Tasks

Sokolnikov and the Dawesation of Our Country
Kamenev and Our Concessions
Whose Miscalculations?
How Sokolnikov Protects the Poor Peasants
Ideological Struggle or Slander?
Concerning NEP
Concerning State Capitalism
Zinoviev and the Peasantry
Concerning the History of the Disagreements
The Opposition's Platform
Their "Desire for Peace"
The Party Will Achieve Unity

contradictions between the victors and the vanquished, but which, actually, in spite of all the hullabaloo around this question, did not eliminate any of the contradictions but only aggravated them.
The intention of the Dawes Plan is that Germany must pay the Entente no less than some 130,000 million gold marks in several instalments. The results of the Dawes Plan are already making themselves felt in the deterioration of Germany's economic position, in the bankruptcy of a whole group of enterprises, in growing unemployment, etc. The Dawes Plan, which was drawn up in America, is as follows: Europe is to pay her debts to America at the expense of Germany, who is obliged to pay Europe reparations; but as Germany is unable to pump this sum out of a vacuum, she must be given a number of free markets, not yet occupied by other capitalist countries, from which she could gain fresh strength and fresh blood for the reparation payments. In addition to a number of unimportant markets, America has in view our Russian markets. According to the Dawes Plan, they are to be placed at Germany's disposal in order that she may be able to squeeze something out of them and have the wherewithal to make reparation payments to Europe, which, in its turn, must make payments to America on account of state debts. The whole plan is well constructed, but it reckons without the host, for it means for the German people a double yoke -- the yoke of the German bourgeoisie on the German proletariat, and the yoke of foreign capital on the whole German people. To say that this double yoke will have no effect upon the German people would be a mistake. That is why I think that in this respect the Dawes

was the case with Britain, and it will probably be the case with France as well.
What is the position of the Central Committee of our Party on this question?
It is still what it was when the agreement was being concluded with MacDonald.[53]
We cannot repeal the well-known law of our country, promulgated in 1918, annulling the tsarist debts.[54] We stand by that law. We cannot repeal the decrees which were proclaimed, and which gave legal sanction to the expropriation of the expropriators in our country. We stand by those laws and will continue to do so. But we are not averse to making certain exceptions in the course of practical negotiations, in the case of both Britain and France, concerning the former tsarist debts, on the understanding that we pay a small part and get something for it. We are not averse to satisfying the former private owners by granting them concessions, but again on the understanding that the terms of those concessions are not enslaving. On that basis we were able to reach agreement with MacDonald. The underlying basis of those negotiations was the idea of virtually annulling the war debts. It was precisely for this reason that this agreement was frustrated. By whom? Undoubtedly, by America. Although America did not take part in the negotiations between Rakovsky and MacDonald, although MacDonald and Rakovsky arrived at a draft agreement, and although that draft agreement provided a way out for both parties and more or less satisfied the interests of both parties, nevertheless, since that draft was based on the idea of annulling the war debts, and America did not want to create such a precedent, for she would then

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have stood to lose the thousands of millions that Europe owed her, she, i.e., America, "advised," and the agreement did not come about.
Nevertheless, we still take our stand on the basis of the above-mentioned draft.
Of the questions concerning our foreign policy, of the questions that arose in the period under review, questions that are exceptionally delicate and urgent, that concern the relations between our government and the governments of the West-European countries, I should like to mention two: firstly, the question that the British Conservatives have raised more than once and will raise again -- that of propaganda; and, secondly, the question of the Communist International.
We are accused of conducting special propaganda against imperialism both in Europe and in the colonies and dependent countries. The British Conservatives assert that the Russian Communists are people whose mission it is to destroy the might of the British Empire. I should like to state here that all this is utter nonsense. We do not need any special propaganda, either in the West or in the East, now that workers' delegations visit our country, see for themselves the state of things here and carry their information about the state of things here to all the Western countries. We do not need any other propaganda. That is the best, the most potent and most effective propaganda for the Soviet system and against the capitalist system. (Applause.)
We are told that we are conducting propaganda in the East. I assert that this, too, is utter nonsense. We do not need any special propaganda in the East, now that, as we know, the whole of our state system rests on the

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basis of the co-existence and fraternal co-operation of the extremely diverse nationalities in our country. Any Chinese, any Egyptian, any Indian, who comes to our country and stays here six months, has an opportunity of convincing himself that our country is the only country that understands the spirit of the oppressed peoples and is able to arrange co-operation between the proletarians of the formerly dominant nationality and the proletarians of the formerly oppressed nationalities. We need no other propaganda, no other agitation, in the East except that the delegations that come here from China, India and Egypt, after working here and looking about them, should carry their information about our state of things all over the world. That is the best propaganda, and it is the most effective of all forms and types of propaganda.
But there is a force that can and certainly will destroy the British Empire. That force is the British Conservatives. That is the force that will certainly, inevitably, lead the British Empire to its doom. It is sufficient to recall the Conservatives' policy when they came to power.[55] What did they begin with? They began by putting the curb on Egypt, by increasing the pressure on India, by intervening in China, and so forth. That is the policy of the Conservatives. Who is to blame, who is to be accused, if the British lords are incapable of any other policy? Is it difficult to understand that by proceeding on these lines the Conservatives must, inevitably, as surely as twice two are four, lead the British Empire to its doom?
A few words about the Comintern. Hirelings of the imperialists and authors of forged letters are spreading

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rumours in the West to the effect that the Comintern is an organisation of conspirators and terrorists, that Communists are touring the Western countries for the purpose of hatching plots against the European rulers. Among other things, the Sofia explosion in Bulgaria is being linked with Communists. I must declare what every cultured person must know, if he is not an utter ignoramus, and if he has not been bribed -- I must declare that Communists never had, do not have, and cannot have, anything in common with the theory and practice of individual terrorism; that Communists never had, do not have, and cannot have, anything in common with the theory of conspiracies against individual persons. The theory and practice of the Comintern consists in organising the mass revolutionary movement against capitalism. That is true. That is the task of the Communists. Only ignoramuses and idiots can confuse plots and individual terrorism with the Comintern's policy in the mass revolutionary movement.
Two words about Japan. Some of our enemies in the West are rubbing their hands with glee, as much as to say: See, a revolutionary movement has begun in China. It is, of course, the Bolsheviks who have bribed the Chinese people -- who else could bribe a people numbering 400 millions? -- and this will lead to the "Russians" fighting the Japanese. All that is nonsense, comrades. The forces of the revolutionary movement in China are unbelievably vast. They have not yet made themselves felt as they should. They will make themselves felt in the future. The rulers in the East and West who do not see those forces and do not reckon with them to the degree that they deserve will suffer for this. We, as a state,

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cannot but reckon with this force. We consider that China is faced with the same problem that faced North America when she was uniting in a single state, that faced Germany when she was taking shape as a state and was uniting, and that faced Italy when she was uniting and freeing herself from external enemies. Here, truth and justice are wholly on the side of the Chinese revolution. That is why we sympathise and will continue to sympathise with the Chinese revolution in its struggle to liberate the Chinese people from the yoke of the imperialists and to unite China in a single state. Whoever does not and will not reckon with this force will certainly lose. I think that Japan will understand that she, too, must reckon with this growing force of the national movement in China, a force that is pushing forward and sweeping everything from its path. It is precisely because he has not understood this that Chang Tso-lin is going under. But he is going under also because he based his whole policy on conflicts between the U.S.S.R. and Japan, on a deterioration of relations between them. Every general, every ruler of Manchuria, who bases his policy on conflicts between us and Japan, on a deterioration of our relations with Japan, is certain to go under. Only the one who bases his policy on an improvement of our relations with Japan, on a rapprochement between us and Japan, will remain on his feet; only such a general, and such a ruler, can sit firmly in Manchuria, because we have no interests that lead to our relations with Japan becoming strained. Our interests lie in the direction of rapprochement between our country and Japan.

an agrarian country, must export agricultural produce and import equipment, that we must adopt this standpoint and develop along this line in the future. In essence, this line demands that we should wind up our industry. It found expression recently in Shanin's theses (perhaps some of you have read them in Ekonomicheskaya Zhizn[56]). To follow this line would mean that our country would never be able, or almost never be able, to become really industrialised; that instead of being an economically independent unit based on the home market, our country would, objectively, have to become an appendage of the general capitalist system. That line means the abandonment of our construction tasks.
That is not our line.
There is another general line, which takes as its starting point that we must exert all efforts to make our country an economically self-reliant, independent country based on the home market; a country that will serve as a centre of attraction for all other countries that little by little drop out of capitalism and enter the channel of socialist economy. That line demands the utmost expansion of our industry, but proportionate to and in conformity with the resources at our command. It emphatically rejects the policy of converting our country into an appendage of the world capitalist system. That is our line of construction, the line followed by the Party and which it will continue to follow in the future. That line is imperative as long as the capitalist encirclement exists.
Things will be different when the revolution is victorious in Germany or France, or in both countries together, when the building of socialism begins there on a higher technical basis. We shall then pass from the

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policy of transforming our country into an independent economic unit to the policy of drawing our country into the general channel of socialist development. But until that happens, it will be absolutely essential for us to have that minimum of independence for our national economy without which it will be impossible to safeguard our country from economic subordination to the world capitalist system.
That is the first proposition.
The second proposition, by which we must be guided in our work of construction as much as by the first, is that we must on each occasion take into account the specific features of our management of the national economy distinguishing it from such management in capitalist countries There, in the capitalist countries, private capital reigns; there, the mistakes committed by individual capitalist trusts, syndicates, or one or other group of capitalists, are corrected by the elemental forces of the market If too much is produced -- a crisis ensues; but later, after the crisis, the economy resumes its normal course. If they indulge too much in imports and an unfavourable balance of trade results -- the rate of exchange will be shaken, inflation will ensue, imports will drop and exports will rise. All this in the form of crises. No mistake of any magnitude, no overproduction of any magnitude, or serious discrepancy between production and total demand takes place in capitalist countries without the blunders, mistakes and discrepancies being corrected by some crisis or other. That is how they live in capitalist countries. But we cannot live like that. There we see economic, commercial and financial crises, which affect individual groups of capitalists. Here, in

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our country, things are different. Every serious hitch in trade, in production, every serious miscalculation in our economy, results not in some individual crisis or other, but hits the whole of our national economy. In our country, every crisis, whether commercial, financial or industrial, may develop into a general crisis that will hit the whole state. That is why special circumspection and foresight in construction are demanded of us. That is why we here must manage our economy in a planned way so that there are fewer miscalculations, so that our management of economy is conducted with supreme foresight, circumspection and accuracy. But since, comrades, we, unfortunately, do not possess exceptional foresight, exceptional circumspection, or an exceptional ability to manage our economy without error, since we are only just learning to build, we make mistakes, and will continue to do so in the future. That is why, in building, we must have reserves; we must have reserves with which to correct our blunders. Our entire work during the past two years has shown that we are not guaranteed either against fortuities or against errors. In the sphere of agriculture, very much depends in our country not only on the way we manage, but also on the forces of nature (crop failures, etc.). In the sphere of industry, very much depends not only on the way we manage, but also on the home market, which we have not yet mastered. In the sphere of foreign trade, very much depends not only on us, but also on the behaviour of the West-European capitalists; and the more our exports and imports grow, the more dependent we become upon the capitalist West, the more vulnerable we become to the blows of our enemies. To guarantee our-

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selves against all these fortuities and inevitable mistakes, we need to accept the idea that we must accumulate reserves.
We are not guaranteed against crop failures in agriculture. Hence we need reserves. We are not guaranteed against the fortuities of the home market in the sphere of the development of our industry. That is apart from the fact that, living on the funds that we ourselves accumulate, we must be exceptionally frugal and restrained in spending accumulated funds; we must try to invest every kopek wisely, i.e., in such undertakings as it is absolutely essential to develop at the given moment. Hence the need for reserves for industry. We are not guaranteed against fortuities in the sphere of foreign trade (covert boycott, covert blockade, etc.). Hence the need for reserves.
We could double the sum allocated for agricultural credits; but then the necessary reserve for financing industry would not be left, the development of industry would lag far behind agriculture, the output of manufactured goods would shrink, resulting in inflated prices of manufactured goods and all the consequences following from that.
We could double the assignments for the expansion of industry; but that would mean a rapid rate of industrial development which we would not be able to maintain owing to the great shortage of free capital, and it would certainly lead to a breakdown, not to speak of the fact that the reserve from which to provide credits for agriculture would be lacking.
We could push forward the growth of our imports, chiefly import of equipment, to twice the amount

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we import now, in order to promote the rapid development of industry; but that might cause an excess of imports over exports, which would result in an unfavourable balance of trade and in the depreciation of our currency, i.e., the only basis on which it is possible to plan and develop industry would be undermined.
We could recklessly develop exports to the utmost, ignoring the state of the home market; but that would certainly cause great complications in the towns in the form of a rapid rise in the prices of agricultural produce and, consequently, in the form of the undermining of wages and a certain degree of artificially organised famine with all the consequences resulting from that.
We could raise wages of the workers to the utmost, not merely to the pre-war level, but higher; but that would reduce the tempo of development of our industry, because under our conditions, in the absence of loans from abroad, in the absence of credits, etc., the expansion of industry is possible only on the basis of the accumulation of a certain amount of profit necessary for financing and promoting industry, which, however, would be excluded, i.e., accumulations of any serious magnitude would be excluded if the tempo of raising wages was excessively accelerated.
And so on, and so forth.
Such are the two fundamental guiding propositions that must serve as the torch, the beacon, in our work of construction in our country.
Permit me now to pass to the figures.
But just one more digression. Our system of economy exhibits a certain diversity, it contains no less than five forms. There is one form of economy that is almost

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on the level of natural economy: the peasant farms that produce very little for the market. There is a second form of economy, the commodity production form -- the peasant farms which produce chiefly for the market. There is a third form of economy -- private capitalism, which is not dead, which has revived and will continue to revive, within certain limits, as long as we have NEP. The fourth form of economy is state capitalism, i.e., the capitalism that we have permitted and are able to control and restrict in the way the proletarian state wishes. Lastly, there is the fifth form -- socialist industry, i.e., our state industry, in which production does not involve two antagonistic classes -- the proletariat and the bourgeoisie -- but only one class -- the proletariat.
I should like to say a word or two about these five forms of economy, because otherwise it will be difficult to understand the group of figures I intend to quote and the trend that is observed in the development of our industry; the more so that Lenin already dealt in considerable detail with these five forms of economy in our social system[57] and taught us to take the struggle among these forms into account in our work of construction.
I should like to say a word or two about state capitalism and about state industry, the latter being of a socialist type, in order to clear up the misunderstandings and confusion that have arisen in the Party around this question.
Would it be right to call our state industry, state-capitalist industry? No. Why? Because under the dictatorship of the proletariat, state capitalism is a form of organisation of production involving two classes: an exploiting class which owns the means of

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production, and an exploited class which does not own the means of production. No matter what special form state capitalism may assume, it must nevertheless remain capitalist in its nature. When Ilyich analysed state capitalism, he had in mind primarily concessions. Let us take concessions and see whether two classes are involved in them. Yes, they are. The class of capitalists, i.e., the concessionaires, who exploit and temporarily own the means of production, and the class of proletarians, whom the concessionaire exploits. That we have no elements of socialism here is evident if only from the fact that nobody would dare turn up at a concession enterprise to start a campaign to increase productivity of labour; for everybody knows that a concession enterprise is not a socialist enterprise, but one alien to socialism.
Let us take another type of enterprise -- state enterprises. Are they state-capitalist enterprises? No, they are not. Why? Because they involve not two classes, but one class, the working class, which through its state owns the instruments and means of production and which is not exploited; for the maximum amount of what is produced in these enterprises over and above wages is used for the further expansion of industry, i.e., for the improvement of the conditions of the working class as a whole.
It may be said that, after all, this is not complete socialism, bearing in mind the survivals of bureaucracy persisting in the managing bodies of our enterprises. That is true, but it does not contradict the fact that state industry belongs to the socialist type of production. There are two types of production: the capitalist,

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including the state-capitalist, type, where there are two classes, where production is carried on for the profit of the capitalist; and there is the other type, the socialist type of production, where there is no exploitation, where the means of production belong to the working class, and where the enterprises are run not for the profit of an alien class, but for the expansion of industry in the interests of the workers as a whole. That is just what Lenin said, that our state enterprises are enterprises of a consistently socialist type.
Here an analogy with our state could be drawn. Our state, too, is not called a bourgeois state, for, according to Lenin, it is a new type of state, the proletarian type of state. Why? Because our state apparatus does not function for the purpose of oppressing the working class, as is the case with all bourgeois states without exception, but for the purpose of emancipating the working class from the oppression of the bourgeoisie. That is why our state is a proletarian type of state, although any amount of trash and survivals of the past can be found in the state apparatus. Lenin, who proclaimed our Soviet system a proletarian type of state, castigated it for its bureaucratic survivals more strongly than anybody else. Nevertheless, he asserted all the time that our state is a new proletarian type of state. A distinction must be drawn between the type of state and the heritage and survivals still persisting in the system and apparatus of the state. It is equally imperative to draw a distinction between the bureaucratic survivals in state enterprises and the type of structure of industry that we call the socialist type. It is wrong to say that because our economic bodies, or our trusts, suffer

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from mistakes, bureaucracy, and so forth, our state industry is not socialist. It is wrong to say that. If that were true, our state, which is of the proletarian type, would also not be proletarian. I can name quite a number of bourgeois apparatuses that function better and more economically than our proletarian state apparatus; but that does not mean that our state apparatus is not proletarian, that our type of state apparatus is not superior to the bourgeois type. Why? Because, although that bourgeois apparatus functions better, it functions for the capitalist, whereas our proletarian state apparatus, even if it does fumble sometimes, after all functions for the proletariat and against the bourgeoisie.
That fundamental difference must not be forgotten.
The same must be said about state industry. We must not, because of the defects and survivals of bureaucracy that are to be found in the managing bodies of our state enterprises, and which will exist for some time yet, we must not, because of those survivals and defects, forget that, in their nature, our enterprises are socialist enterprises. At the Ford plants, for example, which function efficiently, there may be less thieving, nevertheless they function for the benefit of Ford, a capitalist, whereas our enterprises, where thieving takes place sometimes, and things do not always run smoothly, nevertheless function for the benefit of the proletariat.
That fundamental difference must not be forgotten.
Let us now pass to the figures concerning our national economy as a whole.
Agriculture. Its gross output in 1924-25, comparing its level with the pre-war level, that of 1913, reached 71 per cent. In other words, the output in 1913 amounted

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to something over 12,000 million rubles at pre-war prices, and in 1924-25, the output amounted to something over 9,000 million rubles. In the coming year, 1925-26, we anticipate, on the basis of data of our planning bodies, a further rise that will bring the output up to 11,000 million rubles, i.e., up to 91 per cent of the pre-war level. Agriculture is growing -- such is the natural conclusion to be drawn.
Industry. Taking all industry -- state, concession and private -- its gross output in 1913 amounted to 7,000 million rubles; in 1924-25, the gross output amounted to 5,000 million. That is 71 per cent of the pre-war level. Our planning bodies anticipate that next year output will reach 6,500 million, i.e., it will amount to about 93 per cent of the pre-war level. Industry is rising. This year it rose faster than agriculture.
Special reference must be made to the question of electrification. The GOELRO plan in 1921 provided for the erection in the course of 10-15 years of thirty electric power stations of a total capacity of 1,500,000 kw. at a cost of 800,000,000 gold rubles. Before the October Revolution, the total capacity of electric power stations amounted to 402,000 kw. Up to the present we have built stations with a total capacity of 152,350 kw. and it is planned to put into operation in 1926 a total capacity of 326,000 kw. If development continues at that rate, the plan for the electrification of the U.S.S.R. will be fulfilled in ten years, i.e., approximately by 1932 (the earliest date planned for). Parallel with the growth in electric power construction runs the growth of the electrical engineering industry, the 1925-26 programme of which provides for bringing output up to

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165-170 per cent of the pre-war level. It must be observed, however, that the erection of big hydro-electric power stations leads to a large over-expenditure of funds compared with what had been planned. For example, the original estimate for the Volkhov project amounted to 24,300,000 "conventional" rubles, but by September 1925 it had risen to 95,200,000 chervonets rubles, which is 59 per cent of the funds spent on the erection of the first priority stations, although the capacity of the Volkhov project amounts to 30 per cent of the capacity of those stations. The original estimate for the Zemo-Avchaly station amounted to 2,600,000 gold rubles, but the latest request amounts to about 16,000,000 chervonets rubles, of which about 12,000,000 have already been spent.
If we compare the output of state and co-operative industry, associated in one way or another, with the output of private industry, we get the following: in 1923-24, the output of state and co-operative industry amounted to 76.3 per cent of the total industrial output for the year, while that of private industry amounted to 23.7 per cent; in 1924-25, however, the output of state and co-operative industry amounted to 79.3 per cent of the total, and that of private industry was no longer 23.7 per cent, but 20.7 per cent.
The relative importance of private industry declined in this period. It is anticipated that next year the share of state and co-operative industry will amount to about 80 per cent, while that of private industry will sink to 20 percent. In absolute figures, private industry is growing, but as state and co-operative industry is growing faster, the relative importance of private industry is progressively declining.

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That is a fact that must be reckoned with, and which shows that the preponderance of socialist industry over private industry is an indisputable fact.
If we take property concentrated in the hands of the state and property in the hands of private business people, we find that in this sphere too -- I have the State Planning Commission's control figures in mind -- preponderance is on the side of the proletarian state, for the state possesses capital funds amounting to not less than 11,700 millions (chervonets rubles), whereas private owners, mainly peasant farms, possess funds amounting to not more than 7,500 millions.
This fact shows that socialised funds constitute a very large share of the total, and this share is growing compared with the share of property in the non-socialised sector.
For all that, our system as a whole cannot yet be called either capitalist or socialist. Our system as a whole is transitional from capitalism to socialism -- a system in which privately-owned peasant production still preponderates as regards volume of output, but in which the share of socialist industry is steadily growing. The share of socialist industry is growing in such a way that, taking advantage of its concentration and organisation, taking advantage of the fact that we have the dictatorship of the proletariat, that transport is in the hands of the state, that the credit system and the banks are ours -- taking advantage of all this, our socialist industry, the share of which in the total volume of national production is growing step by step, this industry is advancing and is beginning to gain the upper hand over private industry and to adapt to itself

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and take the lead over all the other forms of economy. Such is the fate of the countryside -- it must follow the lead of the towns, of large-scale industry.
That is the fundamental conclusion that follows if we raise the question of the character of our system, of the share of socialist industry in this system, of the share of private capitalist industry in it and, lastly, of the share of small commodity -- chiefly peasant -- production in the total national economy.
A word or two about the state budget. You no doubt know that it has grown to 4,000 million rubles. Counting in pre-war rubles, our state budget amounts to not less than 71 per cent of the state budget of the pre-war period. Further, if to the amount of the general state budget we add the amounts of the local budgets, as far as they can be calculated, our total state budget will amount to not less than 74.6 per cent of the 1913 budget. A characteristic feature is that in our state budget the proportion of non-tax revenues is much higher than that of revenues from taxes. All this also shows that our economy is growing and making progress.
The question of the profits that we obtained from our state and co-operative enterprises last year is of very great importance, because ours is a country poor in capital, a country that does not obtain big loans from abroad. We must closely scrutinise our industrial and trading enterprises, our banks and co-operatives, in order to ascertain what we can have at our disposal for the purpose of further expanding our industry. In 1923-24, state industry of Union importance and industry under the Chief Metal Board yielded a profit of, I think, about 142,000,000 chervonets rubles. Of this sum, 71,000,000

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were assigned as state revenue. In 1924-25 we already have 315,000,000. Of this sum, it is planned to assign 173,000,000 as state revenue.
State trade of Union importance yielded in 1923-24 about 37,000,000, of which 14,000,000 went as state revenue. In 1925, the amount is smaller -- 22,000,000, as a result of the policy of reducing prices. Of this sum about 10,000,000 will go as state revenue.
From our foreign trade in 1923-24 we obtained a profit of something over 26,000,000 rubles, of which about 17,000,000 went as state revenue. In 1925, foreign trade will yield or, rather, has already yielded, 44,000,000. Of this sum 29,000,000 will go as state revenue.
According to the calculations of the People's Commissariat of Finance, in 1923-24 the banks yielded a profit of 46,000,000, of which 18,000,000 went as state revenue; in 1924-25 the profit amounted to over 97,000,000, of which 51,000,000 have gone as state revenue.
The consumer co-operatives in 1923-24 yielded a profit of 57,000,000 and the agricultural co-operatives -- 4,000,000.
The figures I have just quoted are more or less understated. You know why. You know how our economic bodies calculate with a view to keeping as much as possible for the expansion of their enterprises. If these figures seem small to you, as indeed they are, then bear in mind that they are slightly understated.
A few words about our foreign trade turn-over.
If we take our trade turn-over for 1913 as 100, we shall find that our foreign trade in 1923-24 reached 21 per cent of the pre-war level, and in 1924-25 -- 26 per cent of the pre-war level. Exports in 1923-24 amounted to

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522,000,000 rubles; imports -- 439,000,000; total turn-over -- 961,000,000; favourable balance -- 83,000,000. In 1923-24 we had a favourable balance of trade. In 1924-25 exports amounted to 564,000,000; imports -- 708,000,000; total turn-over -- 1,272 million; balance -- minus 144,000,000. This year we ended our foreign trade with an unfavourable balance of 144,000,000.
Permit me to dwell on this somewhat.
People here are often inclined to attribute this unfavourable balance of trade in the past economic year to the fact that we imported a large quantity of grain this year owing to the crop failure. But we imported grain amounting to 83,000,000, whereas the trade deficit amounts to 144,000,000. What does that deficit lead to? To this: by buying more than we sell, by importing more than we export, we put in jeopardy our balance of payments and therefore our currency as well. We received a directive from the Thirteenth Party Congress that the Party should at all costs secure a favourable balance of trade.[58] I must admit that all of us, both the Soviet bodies and the Central Committee, committed a gross error here in failing to carry out the directive given us. It was difficult to carry it out; nevertheless we could have obtained at least a small favourable balance if we had made a real effort. We committed this gross error and the congress must rectify it. Incidentally, the Central Committee itself attempted to rectify it in November this year at a special meeting at which it examined the figures of our imports and exports and adopted a decision that next year -- at that meeting we outlined the chief elements of our foreign trade for the coming year -- that next year our foreign trade should end with a favourable balance

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of at least 100,000,000. That is essential. That is absolutely essential for a country like ours, where we have little capital, where import of capital from abroad does not take place, or only to a minimal degree, and where the balance of payments, its equilibrium, must be maintained by the balance of trade in order to prevent our chervonets currency from being shaken and in order, by maintaining our currency, to preserve the possibility of further expanding our industry and agriculture. You have all experienced what an unstable currency means. We must not fall into such an unfortunate position again; we must take all measures to eradicate all factors that could later on result in conditions capable of shaking our currency.
Such are the figures and considerations concerning our national economy as a whole, concerning industry and agriculture in particular, concerning the relative importance of socialist industry in relation to the other forms of economy, and concerning those leading ideas in the building of socialism of which I have spoken, and which the Central Committee of our Party takes as the basis for its stand.

situation: alliance of the proletariat with the poor peasantry against all the bourgeois, at the same time neutralising the middle peasantry. That is a slogan essential for Communist Parties which are advancing towards power. And even when they have won power, but have not yet consolidated it, they cannot count on an alliance with the middle peasant. The middle peasant is a cautious man. He looks round to see who is going to come out on top, he waits, and only when you have gained the upper hand, when you have expelled the landlords and the bourgeois, does he enter into alliance with you. That is the nature of the middle peasant. Hence, at the second stage of the revolution we no longer advanced the slogan of alliance of the workers with the whole of the peasantry, but the slogan of alliance of the proletariat with the poor peasantry.
And after that? After that, when we had sufficiently consolidated our power, when we had repulsed the attacks of the imperialists and had entered the period of extensive socialist construction, Lenin advanced a third slogan -- a stable alliance of the proletariat and poor peasantry with the middle peasantry. That is the only correct slogan corresponding to the new period of our revolution, the period of extensive construction. It is correct not only because we can now count on an alliance, but also because, in building socialism, we have to operate not only with millions, but tens of millions of people of the countryside. It is impossible to build socialism otherwise. Socialism does not embrace only the towns. Socialism is that organisation of economy which unites industry and agriculture on the basis of the socialisation of the means and instruments of production.

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If those two branches of economy are not united, socialism is impossible.
That is how the matter stands with the slogans of Leninism on alliance with the peasantry.
What Lenin said at the Second Congress of the Comintern was absolutely correct, for when you are advancing towards power, or have not yet managed to consolidate power after capturing it, you can count only on an alliance with the poor peasantry and on neutralising the middle peasantry. But when you have consolidated your position, after you have captured power, have begun to build, and when you already have to operate with tens of millions of people, alliance of the proletariat and poor peasants with the middle peasants is the only correct slogan.
This transition from the old slogan "alliance of the proletariat with the poor peasantry," from the old slogan of neutralising the middle peasantry to the slogan of a stable alliance with the middle peasantry, took place as far back as the Eighth Congress of our Party. Permit me to quote a passage from Ilyich's speech in opening the congress. Here it is:

"The best representatives of socialism of the old days -- when they still believed in revolution and served it theoretically and ideologically -- spoke of neutralising the peasantry, i.e., of turning the middle peasantry into a social stratum which, if it did not actively aid the revolution of the proletariat, at least would not hinder it, would be neutral and not take the side of our enemies. This abstract, theoretical presentation of the problem is perfectly clear to us. But it is not enough. We have entered a phase of socialist construction in which we must draw up concrete and detailed basic rules and instructions which have been tested by the experience of our work in the countryside, and by which

Such is the theoretical basis of the Party's policy, calculated to achieve in the present historical period a stable alliance with the middle peasantry.
Whoever thinks of using the resolution of the Second Congress of the Comintern, which Lenin wrote, to refute these words of Lenin's, let him say so frankly.
That is how the question stands in theory. We do not take a separate part of Lenin's teaching, we take the whole. Lenin had three slogans in relation to the peasantry: one -- during the bourgeois revolution, another -- during the October Revolution, and a third -- after the consolidation of the power of the Soviets. Whoever thinks of substituting some single general slogan for these three, commits a very gross error.
That is how the question stands in theory. In practice, it stands as follows: after carrying through the October Revolution, after expelling the landlords and distributing the land among the peasants, it is clear that we have made Russia into a more or less middle-peasant country, as Lenin expressed it, and today the middle peasants constitute the majority in the countryside, notwithstanding the process of differentiation.
Differentiation is, of course, proceeding. Under NEP at the present stage, it cannot be otherwise. But it is proceeding at a slow pace. Recently, I read a handbook, issued, I think, by the Agitation and Propaganda
&nbsp &nbsp
* All italics mine. -- J. St.

Thus, stake on the middle peasant in agriculture, the diligent peasant as the central figure of our economic upsurge. That is what Comrade Lenin wrote in 1921.
It was this idea, comrades, that served as the basis of the decisions and of the concessions to the peasantry adopted at the Fourteenth, April, Conference of our Party.
In what relation do the resolutions of the Fourteenth, April, Party Conference stand to the resolution on work among the poor peasants that the Central Committee unanimously adopted in October,[61] just as it unanimously adopted the resolutions of the Fourteenth Conference? The main task that confronted us at the October Plenum of the Central Committee was to prevent the disruption of the policy we had worked out at the April Conference, the policy of a stable alliance with the middle peasants; to prevent the disruption of this policy, for sentiments were observed in the Party expressing the view that the policy of a stable alliance with the middle peasants was wrong or unsuitable. Sentiments were also

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observed expressing the view that the policy of a stable alliance with the middle peasants implied forgetting the poor peasants, that somebody was trying to bring about a stable alliance with the middle peasants over the heads of the poor peasants. That is silly, comrades, but it is a fact, for such sentiments did exist. Was the question of the poor peasants something new for us when we gathered at the October Plenum? Of course not. As long as there are poor peasants, we must be in alliance with them. We learned that as far back as 1903, when Lenin's pamphlet To the Village Poor[62] first appeared. Precisely because we are Marxists, because we are Communists, we must lean on the poor peasants in the countryside. Upon whom else can we lean? This question is not a new one; there was nothing new in it for us, whether in April or in October, whether at the conference or at the plenum of the Central Committee, nor could there be anything new in it. If the question of the poor peasants did come up after all, it did so in connection with the experience we had gained during the elections to the Soviets. What did we find? We had revitalised the Soviets. We had begun to implant Soviet democracy. But what for? After all, Soviet democracy means leadership by the working class. No Soviet democracy can be called genuinely Soviet and genuinely proletarian democracy if there is no leadership there by the proletariat and by its Party. But what does Soviet democracy with the leadership of the proletariat mean? It means that the proletariat must have its agents in the countryside. Who must those agents be? Representatives of the poor peasants. But in what condition did the poor peasants find themselves when we revitalised the Soviets?

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In the most scattered and dispersed condition. It seemed, not only to certain elements among the poor peasants, but also to certain Communists, that abandoning dekulakisation and administrative pressure meant abandoning the poor peasants, forgetting their interests. And instead of conducting an organised struggle against the kulaks, they began to whine in the most disgraceful manner.
What had to be done to overcome those sentiments? Firstly, it was necessary to carry out the task that the Fourteenth Party Conference had set the Party, i.e., to define the conditions, methods and measures for providing material assistance for the poor peasants. Secondly, it was necessary to issue the slogan of organising special groups of poor peasants for conducting an open political struggle to win over the middle peasants and to isolate the kulaks during the elections to the Soviets, elections in the co-operatives, etc.
That is exactly what Comrade Molotov did in the theses on work among the poor peasants, as a result of his three months' work on the Rural Commission of the Central Committee, theses that were unanimously approved by the October Plenum of the Central Committee.
As you see, the resolution of the October Plenum of the Central Committee is the direct continuation of the decisions of the Fourteenth Conference.
It was necessary, firstly, to present the question of material assistance concretely, so as to improve the material conditions of the poor peasants; and, secondly, it was necessary to issue the slogan of organising the poor peasants. That is the new feature, the credit for

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which belongs wholly to Comrade Molotov; the slogan of organising groups of poor peasants was his idea.
Why was the slogan of organising groups of poor peasants needed? It was needed in order to put an end to the dispersion of the poor peasants and to give them an opportunity of organising, with the aid of the Communists, into an independent political force capable of serving as an organised bulwark of the proletariat in the countryside in the struggle against the kulaks, in the struggle to win over the middle peasants. The poor peasants are still imbued with a dependent mentality; they put their hopes in the GPU, in officials, in whatever you like, except in themselves, in their own strength. It is from this passivity and dependent mentality that the minds of the poor peasants must be freed. We must issue the slogan for the poor peasants that they must, at last, stand on their own feet, that they must, with the aid of the Communist Party and with the aid of the state, organise themselves into groups; that in the arena of the Soviets, in the arena of the co-operatives, in the arena of the Peasant Committees, in all the arenas of rural public life, they must learn to fight the kulaks, to fight, however, not by appealing to the GPU, but by a political struggle, by an organised struggle. Only in that way can the poor peasants become steeled, only in that way can the poor peasants be organised, only in that way can the poor peasants be transformed from a dependent group into a bulwark of the proletariat in the countryside.
That is why the question of the poor peasants was brought forward in October.

how to trade, they will gain (they are already gaining!) the upper hand over the private traders, linking our industry with peasant economy.
What follows from this? It follows from this that our concessions proceed basically in the direction of strengthening our bond, and for the sake of our bond, with the peasantry.
Whoever fails to understand that, approaches the subject not as a Leninist, but as a Liberal.

Further, knowing the habits of the "cave men," knowing that they are capable of repeating the methods of the Riga news agency, I sent a refutation to the editorial board of Bednota. It is ridiculous to refute such nonsense, but knowing with whom I have to deal, I, for all that, sent a refutation. Here it is:

"To the Editorial Board of Bednota.
"Comrade editor, recently I learned from some comrades that in a sketch, published in Bednota of 5/IV, 1925, of a village correspondent's impressions of an interview with me by a delegation of village correspondents, which I had not the opportunity to read at the time, it is reported that I expressed sympathy with the idea of guaranteeing ownership of land for 40 years or more, with the idea of private property in land, etc. Although this fantastic report needs no refutation because of its obvious absurdity, nevertheless, perhaps it will not be superfluous to ask your permission to state in Bednota that this report is a gross mistake and must be attributed entirely to the author's imagination.

"J. Stalin."

Are the authors of the "Collection " aware of this letter? Undoubtedly they are. Why, then, do they continue to circulate tittle-tattle, fables? What method of fighting is this? They say that this is an ideological struggle. But no, comrades, it is not an ideological struggle. In our Russian language it is called simply slander.
Permit me now to pass to the fundamental questions of principle.

"The big banks are the 'state apparatus' we need for bringing about socialism, and which we take ready-made from capitalism; our task here is merely to lop off what capitalistically distorts this excellent apparatus, to make it still bigger, still more democratic, still more all-embracing. Quantity will be transformed into quality. A single State Bank, the biggest of the biggest, with branches in every volost, in every factory, will already be nine-tenths of the socialist apparatus. That will be nation-wide book-keeping, nation-wide accounting of the production and distribution of goods, that will be, so to speak, something in the nature of the skeleton of socialist society" (see Vol. XXI, p. 260).

Compare these words of Lenin's with Sokolnikov's speech and you will understand what Sokolnikov is slipping into. I shall not be surprised if he declares the People s Commissariat of Finance to be state capitalism.

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What is the point here? Why does Sokolnikov fall into such errors?
The point is that Sokolnikov fails to understand the dual nature of NEP, the dual nature of trade under the present conditions of the struggle between the socialist elements and the capitalist elements; he fails to understand the dialectics of development in the conditions of the proletarian dictatorship, in the conditions of the transition period, in which the methods and weapons of the bourgeoisie are utilised by the socialist elements for the purpose of overcoming and eliminating the capitalist elements. The point is not at all that trade and the monetary system are methods of "capitalist economy." The point is that in fighting the capitalist elements, the socialist elements of our economy master these methods and weapons of the bourgeoisie for the purpose of overcoming the capitalist elements, that they successfully use them against capitalism, successfully use them for the purpose of building the socialist foundation of our economy. Hence, the point is that, thanks to the dialectics of our development, the functions and purpose of those instruments of the bourgeoisie change in principle, fundamentally; they change in favour of socialism to the detriment of capitalism. Sokolnikov's mistake lies in his failure to understand all the complexity and contradictory nature of the processes that are taking place in our economy.
Permit me now to refer to Lenin on the question of the historical character of state capitalism, to quote a passage on the question as to when and why he proposed state capitalism as the chief form, as to what induced him to do that, and as to precisely under what concrete conditions he proposed it. (A voice : "Please do!")

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"We cannot under any circumstances forget what we very often observe, namely, the socialist attitude of the workers in factories belonging to the state, where they themselves collect fuel raw materials and produce, or when the workers try properly to distribute the products of industry among the peasantry and to deliver them by means of the transport system. That is socialism. But side by side with it there is small economy, which very often exists independently of it. Why can it exist independently of it? Because large-scale industry has not been restored, because the socialist factories can receive only one-tenth, perhaps, of what they should receive; and in so far as they do not receive what they should, small economy remains independent of the socialist factories. The incredible state of ruin of the country, and the shortage of fuel, raw materials and transport facilities, lead to small production existing separately from socialism. And I say: Under these circumstances, what is state capitalism? It will mean the amalgamation of small production. Capital amalgamates small production, capital grows out of small production. It is no use closing our eyes to this fact. Of course, freedom of trade means the growth of capitalism ; one cannot get away from it. And whoever thinks of getting away from it and brushing it aside is only consoling himself with words. If small economy exists, if there is freedom of exchange, capitalism will appear. But has this capitalism any terrors for us if we hold the factories, works, transport and foreign trade in our hands ? And so I said then, and will say now, and I think it is incontrovertible, that this capitalism has no terrors for us. Concessions are capitalism of that kind"[*] (see Vol. XXVI, p. 306).[1]

That is what Zinoviev writes about the middle peasantry six years after the Eighth Party Congress, at which Lenin rejected the slogan of neutralising the middle peasants and substituted for it the slogan of a stable alliance with the middle peasants. Bakayev asks, what is there terrible about that? But I will ask you to compare Zinoviev's article with Lenin's thesis on staking on the middle peasants and to answer the question: has Zinoviev departed from Lenin's thesis or not. . . ? (A voice from the hall : "It refers to countries other than Russia." Commotion.) It is not so, comrade, because in Zinoviev's article it says: "tasks which are absolutely common to all the Parties of the Comintern." Will you really deny that our Party is also a part of the Comintern? Here it is directly stated: "to all the Parties. " (A voice from the benches of the Leningrad delegation : "At definite moments." General laughter.)
Compare this passage from Zinoviev's article about neutralisation with the passage from Lenin's speech at the Eighth Party Congress in which he said that we must have a stable alliance with the middle peasants, and you will realise that there is nothing in common between them.
&nbsp &nbsp
* All italics mine. -- J. St.

I see that Comrade Larin protests, saying that he makes a reservation in his book about his disagreeing with Zinoviev in so far as Zinoviev extends the slogan of neutralising the middle peasants to Russia as well. It is true that in his book he makes this reservation and says that neutralisation is not enough for us, that we must take "a step farther" in the direction of "agreement with the middle peasants against the kulaks." But here, unfortunately, Comrade Larin drags in his scheme of "a second revolution" against kulak domination, with which we disagree, which brings him near to Zinoviev and compels me to dissociate myself from him to some extent.
As you see, in the document I have quoted, Zinoviev speaks openly and definitely in favour of the slogan
&nbsp &nbsp
* My italics. -- J. St.

Such, according to Zinoviev, is the exhaustive characterisation of the peasant question given by Leninism. With the peasantry as a whole against the tsar and the landlords -- that is the bourgeois revolution. With the poor peasants against the bourgeoisie -- that is the October Revolution. That is all very well. It gives two of Lenin's slogans. But what about Lenin's third slogan -- with the middle peasants against the kulaks for building socialism? What has become of Lenin's third slogan? It is not in Zinoviev's book. It has disappeared. Although Zinoviev asserts that "to this nothing can be added," nevertheless, if we do not add here Lenin's third slogan about a stable alliance of the proletariat
&nbsp &nbsp
* My italics. -- J. St.

I am ready to defend the whole of this today. Every word, every sentence.
One must not speak about equality in a principal leading article without strictly defining what kind of equality is meant -- equality between the peasantry and the working class, equality among the peasantry, equality within the working class, between skilled and unskilled workers, or equality in the sense of abolishing classes. One must not in a leading article keep silent about the Party's immediate slogans on work in the in countryside. One must not play with phrases about equal-

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ity, because that means playing with fire, just as one must not play with phrases about Leninism while keeping silent about the immediate slogan of Leninism on the question of the peasantry.
Such are the three documents: Zinoviev's article (January 1925) in favour of neutralising the middle peasants, Zinoviev's book Leninism (September 1925), which kept silent about Lenin's third slogan about the middle peasants, and Zinoviev's new article "The Philosophy of the Epoch" (September 1925), which kept silent about the middle peasants and Lenin's co-operative plan.
Is this constant wobbling of Zinoviev's on the peasant question accidental?
You see that it is not accidental.
Recently, in a speech delivered by Zinoviev in Leningrad on the report of the Central Committee, he at last made up his mind to speak in favour of the slogan of a stable alliance with the middle peasants. That was after the struggle, after the friction, after the conflicts in the Central Committee. That is all very well. But I am not sure that he will not repudiate it later on. For, as facts show, Zinoviev has never displayed the firmness of line on the peasant question that we need. (Applause.)
Here are a few facts illustrating Zinoviev's vacillations on the' peasant question. In 1924, at a plenum of the Central Committee, Zinoviev insisted on a "peasant" policy of organising non-Party peasant groups, at the centre and in the localities, with a weekly newspaper. That proposal was rejected because of the objections raised in the Central Committee. Shortly before that, Zinoviev had even boasted that he had a "peasant

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deviation." Here is what he said, for example, at the Twelfth Congress of the Party: "When I am told: You have a 'deviation,' you are deviating towards the peasantry -- I answer: Yes, we should not only 'deviate' towards the peasantry and its economic requirements, but bow down and, if need be, kneel down before the economic requirements of the peasant who follows our proletariat." Do you hear: "deviate, " "bow down, " "kneel down." (Laughter, applause.) Later, when things improved with the peasantry, when our position in the countryside improved, Zinoviev made a "turn" from his infatuation, cast suspicion upon the middle peasants and proclaimed the slogan of neutralisation. A little later he made a new "turn" and demanded what was in point of fact a revision of the decisions of the Fourteenth Conference ("The Philosophy of the Epoch") and, accusing almost the whole of the Central Committee of a peasant deviation, began to "deviate" more emphatically against the middle peasants. Finally, just before the Fourteenth Congress of the Party he once more made a "turn," this time in favour of alliance with the middle peasants and, perhaps, he will yet begin to boast that he is again ready to "adore" the peasantry.
What guarantee is there that Zinoviev will not vacillate once again?
But, comrades, this is wobbling, not politics. (Laughter, applause.) This is hysterics, not politics. (Voices : "Quite right!")
We are told that there is no need to pay special attention to the struggle against the second deviation. That is wrong. Since there are two deviations among us -- Bogushevsky's deviation and Zinoviev's deviation --

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you must understand that Bogushevsky is not to be compared with Zinoviev. Bogushevsky is done for. (Laughter.) Bogushevsky does not have an organ of the press. But the deviation towards neutralising the middle peasants, the deviation against a stable alliance with the middle peasants, the Zinoviev deviation, has its organ of the press and continues to fight against the Central Committee to this day. That organ is called Leningradskaya Pravda.[64] For what is the term "middle-peasant Bolshevism" recently concocted in Leningrad, and about which Leningradskaya Pravda foams at the mouth, if not an indication that that newspaper has departed from Leninism on the peasant question? Is it not clear, if only from this circumstance alone, that the struggle against the second deviation is more difficult than the struggle against the first, against Bogushevsky's deviation? That is why, being confronted by such a representative of the second deviation, or such a defender and protector of the second deviation, as Leningradskaya Pravda, we must adopt all measures to make the Party specially prepared to fight that deviation, which is strong, which is complex, and against which we must concentrate our fire. That is why this second deviation must be the object of our Party's special attention. (Voices : "Quite right!" Applause.)

[50]
The Fourteenth Congress of the C.P.S.U.(B.) took place in Moscow, December 18-31, 1925. The congress discussed the political and organisational reports of the Central Committee the reports of the Auditing Commission, of the Central Control

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Commission and of the representatives of the R.C.P.(B.) on the Executive Committee of the Comintern; and also reports on: the work of the trade unions; the work of the Young Communist League; revision of the Party Rules, etc. The congress fully approved the political and organisational line of the Central Committee, indicated the further path of struggle for the victory of socialism, endorsed the Party's general line for the socialist industrialisation of the country, rejected the defeatist plans of the oppositionists and instructed the Central Committee resolutely to combat all attempts to undermine the unity of the Party. The Fourteenth Congress of the C.P.S.U.(B.) has taken its place in the history of the Party as the Industrialisation Congress. The key-note of this congress was the struggle against the "new opposition," which denied the possibility of building socialism in the U.S.S.R. By decision of the Fourteenth Congress, the Party adopted the name of Communist Party of the Soviet Union (Bolsheviks) -- C.P.S.U.(B.). (Concerning the Fourteenth Congress of the C.P.S.U.(B.) see History of the Communist Party of the Soviet Union (Bolsheviks). Short Course. Moscow 1952, pp. 423-28.)
[p. 265]

[51]
This refers to the conference held in Locarno (Switzerland), October 5-16, 1925, at which Great Britain, France, Italy, Belgium, Poland, Czechoslovakia and Germany were represented. (Concerning the Locarno Conference see pp. 279-80 in this volume.)
[p. 277]

[52]
In Genoa (Italy), April 10-May 19, 1922, an international economic conference was held in which Great Britain, France, Italy, Belgium, Japan and other capitalist states, on the one hand, and Soviet Russia, on the other, took part The Genoa Conference was called for the purpose of determinmg the relations between the capitalist world and Soviet Russia. At the opening of the conference the Soviet delegation submitted an extensive programme for the rehabilitation of Europe and also a scheme for universal disarmament. The conference did not accept the Soviet delegation's proposals.

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On December 2, 1922, the Soviet Government convened in Moscow a conference of representatives of the neighbouring Western states (Estonia, Finland, Latvia, Poland and Lithuania), at which it submitted for discussion a plan for proportional reduction of armaments. On December 27, 1922, the Tenth All-Russian Congress of Soviets, in an appeal "To All the Peoples of the World," reaffirmed the Soviet Government's peace policy and called upon the working people all over the world to support this policy. In February 1924, at the Naval Conference held in Rome, the Soviet representative submitted concrete proposals for reducing naval armaments.
[p. 287]

[53]
This refers to the general and commercial treaties between Great Britain and the U.S.S.R. signed in London on August 8, 1924, by representatives of the Soviet Government and of the MacDonald Labour Government. The British Conservative Government, which came into office in Britain in November 1924, refused to ratify those treaties.
[p. 297]

[54]
The decree of the All-Russian Central Executive Committee of Soviets of Workers', Soldiers' and Peasants' Deputies annulling the state debts of the tsarist government was adopted on January 21, 1918.
[p. 297]

[55]
This refers to the Conservative Baldwin-Austen Chamberlain Government that came into power in November 1924 in place of the MacDonald Labour Government.
[p. 299]

[56]Ekonomicheskaya Zhizn (Economic Life ), a daily newspaper, organ of the economic and financial People's Commissariats and institutions of the R.S.F.S.R. and U.S.S.R. (Supreme Council of National Economy, Council of Labour and Defence, the State Planning Commission, the State Bank, the People's Commissariat of Finance, and others); published from November 1918 to November 1937.
[p. 306]

291-319), Report on the Tax in Kind Delivered at a Meeting of Secretaries and Responsible Representatives of R.C.P.(B.) Units of the City of Moscow and of the Moscow Gubernia on April 9, 1921, and The Tax in Kind (Works, 4th Russ. ed., Vol. 32, pp. 262-76, 308-43), and Five Years of the Russian Revolution and the Prospects of the World Revolution (Report delivered at the Fourth Congress of the Comintern on November 13, 1922) (Works, 4th Russ. ed., Vol. 33, pp. 380-94).
[p. 311]

[61]
This refers to the resolution adopted by the plenum of the Central Committee of the R.C.P.(B.) (October 3-10, 1925) on V. M. Molotov's report on "The Party's Work among the Rural Poor" (see Resolutions and Decisions of C.P.S.U.(B.) Congresses, Conferences and Central Committee Plenums, Part II, 1941, pp. 38-41).
[p. 338]

[63]Bednota (The Poor ), a daily newspaper, organ of the Central Committee of the C.P.S.U.(B.), published from March 1918 to January 1931.
[p. 372]

[64]Leningradskaya Pravda (Leningrad Truth ), a daily newspaper, organ of the Leningrad Regional and City Committees of the C.P.S.U.(B.) and Leningrad Regional and City Soviets of Work-

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ing People's Deputies; started publication in 1918 under the title of Petrogradskaya Pravda. In 1924 it was renamed Leningradskaya Pravda. At the end of 1925, Leningradskaya Pravda, the organ of the North-Western Regional Bureau of the Central Committee of the R.C.P.(B.), the Leningrad Gubernia Party Committee the Leningrad Gubernia Council of Trade Unions, and the Regional Economic Conference, was utilised by the "new opposition" for its factional anti-Party aims.
[p. 389]